How common is the need for long-term care planning?

Some people in New Jersey plan carefully for the care they will need in their old age, but others may find their health has deteriorated quickly and they are in immediate need of services. According to the U.S. Department of Health and Human Services, on average a person who is currently age 65 will have nearly a 70% chance of needing some sort of long-term care before they pass away. On average women will need 3.7 years of long-term care services, while men will only need 2.2 years of long-term care services on average.

Of course, this means that on average approximately one-third of those currently age 65 will never need to utilize long-term care services before they pass away. However, on average 20% of those currently age 65 will need to utilize long-term care services for more than five years. Therefore, long-term care planning can be beneficial for anyone in New Jersey. After all, no one knows what the future will bring.

There are a variety of types of long-term care services people may use before their death. For example, some of those utilizing long-term care services will choose unpaid at-home care only. Conversely, some of those utilizing long-term care services will choose paid at-home care. Some will choose nursing facilities, while other will choose assisted living facilities. The type of care chosen will depend on cost, personal preference and the type of care needed.

For those who are paying for long-term care, it is important to understand that they have options. They do not need to become impoverished to afford long-term care. Long-term care insurance is an option for some. Special needs trusts are also sometimes an option. These types of trusts allow a person to set aside funds to be used for long-term care, without having those funds disqualify them from receiving government benefits. A special needs trust is a complex legal document, however, so it is important that those considering executing one seek the professional guidance needed to ensure that the final document is legally sound and meets their needs.